Supreme Court of India
M/s Shahi and Associates v. State of U.P. & Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Arbitration and Conciliation Act, 1996: s. 31(7)(b) – Reduction of rate of interest – Arbitral award along with inte rest payable in accordance with s. 31(7(b), at the rate of 18% pa – Dis trict judge reduced the rate of interest on the sum awarded from 18% to 6% relying on para 7- of s. 24 of the UP Amendment Act – Upheld by the High Court – On appeal, held: Section 31(7)(b) cle arly states that unless otherwise specified, the awarded sum wo uld carry an interest @ 18% pa – Para 7- of s. 24 of the U.P. Amendm ent Act was an amendment to the First Schedule of Arbitration Act, 1940 – Since the
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